Standing Order - Send Early


(Marcus Nailor) #1

So I was thinking, what could make the standing orders page even better…

And then it hit me! The ability to override the payment date without cancelling, without editing and without sending a bank transfer (because the SO would still go out ‘a few’ days later, etc.

To say that in a clearer way, a button which you can click in order to ‘pay now’ on an SO. At which point the SO gets paid and doesn’t pay again until the next scheduled date (not the upcoming one but the one after :grin:)


(Hugh Wells) #2

It sounds a bit complicated to me! :sweat_smile:

What is the advantage over a customer just going to the payments screen and making a payment to an existing contact? Then you don’t have to worry about mucking up the SO


#3

I think it sounds complicated but could be quite simple.

I have a monthly SO for £100, due out on the 4th. I tap on it on the 2nd and choose “pay this month now” and it’s out on the 2nd, not the 4th. Alternatively, I select “change for next time only” and select a new date (e.g. I want it out on the 10th for this month only).

I think the latter scenario would be useful. Not so sure about the former, tbh (and might be tricky to develop).


(Marcus Nailor) #4

Because the SO would still be active :stuck_out_tongue_winking_eye:

There are some occasions where I think it would be useful to ‘pay early’ on an SO without making it a permanent change.


#6

I can see this being useful. Pay now and skip the next pending payment.

Saves having to do a separate transfer, cancel a standing order and set it up again.

Wether many people would use/need it? :man_shrugging:


#7

I think that defeat the purpose of having a standing order in place


((╯°□°)╯︵ ┻━┻) #8

I can see the OPs point but I agree with the above.

Why not just put all your SO into a pot so they’re separate from your main account and pay them from the pot? You can then clearly see your remaining balance and don’t have to mess about changing dates and it doesn’t really matter when they take payment.


(Richard Bairwell) #9

I would also like a ‘Send Early’ option on standing orders. When I get my salary paid in to my personal account, I need to transfer £xxx to our joint ‘legacy’ account to pay the mortgage and £xxx to our joint Monzo account for other bills. I have Standing Orders setup to automatically debit these amounts from my personal account on the 4th of each month (to allow for payday ‘slippage’ due to bank holidays/weekends etc), but if I’m paid on the 26th, it’ll nice to be able to shift that ‘unspendable’ money straight out to where it should be instead of sitting in my personal account.

If we had SOs able to come out of Pots or ‘Once balance exceeds £xxxx for the first time in the month, transfer this amount’ IFTTT style triggers, then ‘Send early’ may not be needed: but for ‘now’, it’s a reasonable quick looking quality of life improvement.


((╯°□°)╯︵ ┻━┻) #10

You can do that with IFTTT :thinking:


(Marcus Nailor) #11

This :100::100::100:

If I can send it early, I’d like to do so… But it cannot always be guaranteed that I’ll be able to make that early payment on an SO :joy:

It’s a nice to have feature as opposed to a critical need. But nevertheless I thought I’d suggest it :yum:


(Marcus Nailor) #12

Nope :see_no_evil:

There are occasions where you might want to just clear a bill or something a couple of days early :slight_smile: where normally your SO would automatically go out this button would let you skip the wait time (if that’s what you wanted to do) :grin:


(Richard Bairwell) #13

Can you? How? I can see triggers for card payments which don’t seem relevant - do you mean setup a date/time based trigger which then does the payment movement from pot->main and then the money is sitting in the ‘main account’ until the SO is debited?


#14

I know sometimes you might want to pay early the best way around that is to pay manually every month/weekly etc, then you would have the option to pay early.


((╯°□°)╯︵ ┻━┻) #15

What is the reason you would like to clear the bill early?


#16

Peace of mind. I like to get them paid and out the way long before the due date


(Marcus Nailor) #17

Hahahaha :stuck_out_tongue_winking_eye: but that removes all automation :see_no_evil:

I’m just suggesting a manual override wherein if a user chooses to pay early they can just smash that button instead of waiting for the scheduled date to come along :wink:

There’s no harm in waiting for the scheduled date (else I would’ve set a different date! :stuck_out_tongue_winking_eye:) But the ability to send it early is, like I said, a nice to have :grin:


((╯°□°)╯︵ ┻━┻) #18

I’m sorry but I’m still failing to see the logic behind it and why you just wouldn’t use a pot or move the date closer to your payday. :man_shrugging:

Each to their own I guess.


(Craig A Rodway) #19

I can see the logic behind this.

Let’s say you have some standing orders that go out, and you set these up for a given date after you get paid. Your pay doesn’t follow a set date - but is instead paid fortnightly, or on the last Friday of the month, or the third Thursday of the month… (or even no pattern at all).

Because of this, you set up the SO on such a date to leave a small “buffer” of time between your expected income landing and the SO payment going out to make sure you have funds.

Depending on the when this happens, there could be a few days between the income and the SO date, and sometimes you’d rather just pay the SO as soon as you have the income to pay it. This is where I believe the “Pay now” feature would be used.

If Monzo had more flexible repeating payment schedules to choose from, you could better sync your SOs to your incoming payments so you might not need this anyway… :man_shrugging:


((╯°□°)╯︵ ┻━┻) #20

So the purpose of paying it early would be to see what your remaining balance would be?

Again that’s what pots are for.

As well as being a helpful tool for saving, pots will form the basis of some exciting new features we have in the works. Imagine having a pot set aside for bills, and paying your direct debits straight from the pot. You’d always know you had enough cash to cover the essentials, leaving you free to use your Monzo card for everyday expenses, without worrying you’ll overspend.

Money you put into pots will be set aside from your main Monzo account, secure from any spending.

I think you’re overthinking it when pots can give you the same security and it’s already available now. I’d much rather Monzo focused on other cool NEW features instead of granulating ones that are already there.


(Craig A Rodway) #21

Payments from pots would possibly work too, depending on your reasons for wanting to do it. But we still don’t have payments from pots… And as far as I know, no ETA :slight_smile: